Bitcoin Cash Fork Controversy
December 10 2018 - 1:28PM
InvestorsHub NewsWire
Bitcoin Global News (BGN)
December 10, 2018 -- ADVFN Crypto NewsWire -- Bitcoin Cash was
created last year as a fork of the original Bitcoin Chain. It was
heavily sponsored and promoted by notorious cryptocurrency
millionaire Roger Ver. He was an early investor in several of what
have now become some of the biggest cryptocurrency or blockchain
technology related businesses. At the immediate outset, Bitcoin
Cash supporters touted that it is better than Bitcoin and will be
more scalable, however there has been little accomplished to prove
this is true.
Last month Bitcoin Cash implemented
a fork to add certain updates to their network, claiming that it
was for the goal of scalability and useability:
-
A new opcode called OP_CHECKDATASIG
that improves the BCH scripting language to permit the validation
of messages from outside the blockchain. This will enable users
such as the use of oracles and cross-chain atomic
contracts.
-
The introduction of canonical
transaction ordering. This is a technical building block that lays
the foundation for massive scaling improvements in the
future.
-
Several minor technical fixes and
improvements.
But rather than show a great deal
of applications that will benefit form these upgrades, the Bitcoin
Cash fork has resulted a number of controversies that are pointed
toward more market deception than technology
advancement.
Roger Ver and Bitmain Sued
Over Bitcoin Cash
One of the two new splits of
Bitcoin Cash, “ABC” has been alleged of illegally manipulated
the market, damaging investors as a result. United Investment Corp.
is seeking litigation against a whole group of individuals and
corporations:
-
Roger Ver
-
Bitcoin.com
Bitmain and co-founder of Bitmain Jihan Wu
-
Cryptocurrnency exchange Kraken and
founder Jesse Powell
-
Bitcoin ABC developers Amaury
Sechet, Shammah Chancellor and Jason Cox
The lawsuit claims that the group
“hijacked the [bitcoin cash] blockchain,” through market
manipulation and inside capabilities to develop on the network as
well as massive control over the mining pool, this group was able
to centralized bitcoin cash and manipulate the price during its
hard fork.
Potential
Punishments
“Plaintiff seeks an injunction: (a)
precluding Amaury Sechet, Shammah Chancellor, and Jason Cox via
Bitcoin ABC from continuing to implement checkpoints on the Bitcoin
Cash network and any other implementation of the software that
would prevent the resulting chains from being able to be re-merged;
and (b) requiring them to return the blockchain to its previously
decentralized form with the previous consensus rules.”
By: BGN Editorial Staff
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